Getting a small, quick loan is now easier than ever! The City Bank is introducing instant Digital Loan for bKash users without requiring any paperwork.
Why should you get the City Bank loan through bKash?
Apply and receive loan instantly
3 months’ short-term loan
No bank account or security required
No paperwork required
Auto installment payment facility from account balance
Bank processing fee on loan is 0.575% (0.5% + VAT)
Eligible bKash App users can now take a loan from the City Bank ranging from BDT 500 to BDT 20,000. The loan will be credited to the user’s bKash account, and the user will be able to withdraw the money from their bKash account.
As per the regulations of Bangladesh Bank, a 9% per annum interest rate will be applicable on the amount of the loan.
Loan Payback Details:
While applying for the loan and at the Loan dashboard (after he/she receives the loan), the user can see the repayment amount and date. The loan repayment amount will be automatically deducted from the user’s bKash account on the due date.
If the customer wants, s/he can repay the loan before the due date by her/himself, so that there is a chance of reduction in the interest amount.
If the user does not have the required balance in their bKash account, and the loan is not repaid by the user on the due date, then a late penalty of 2% per annum will be applicable.
Loan Eligibility Criteria:
The City Bank will be offering the digital loan service to a selected group of bKash users in line with Bangladesh Bank regulations. You can find out whether you are eligible or not through the “Loan” option of your bKash App.
The interest rate, processing fee, loan limit, repayment terms, loan eligibility, and credit policy are determined by the City Bank in accordance with the regulations of Bangladesh Bank.